Elon Musk’s Focus on Cryptocurrencies
He has been a significant influencer of the crypto markets, owing it to his support of coins such as Dogecoin, Bitcoin, and Shiba Inu. His constant tweets have been either the reason for a bullish or bearish outlook of different coins. Elon believes in providing meaningful services to the global community, beyond holding cryptocurrencies.
He also revealed that he believes in Dogecoin as the ‘people’s crypto’, giving him more reason to support the coin. It is not news that the technological billionaire has been on the ropes with DOGE for a while now. Musk has been working closely with its evelopers to progress the growth of the coin over the years.
A good push for Bitcoin’s prices happened in 2021 after a $1.5 billion investment into Tesla through Bitcoin. It started accepting Bitcoin payments, recently introducing Dogecoin payments or its products. In a way, this was a clear indication of his interest and that of institutional investors in cryptocurrencies.
Tesla Stocks Booming
The week has been kind to Tesla, with Friday shooting its stocks up by around $8 million. According to Musk, the company is finally breaking ground for the third phase of its project. Its focus has been on creating expensive electric vehicles with a low volume. Currently, it is going towards an autonomous and cheaper model, to suit everyone and drive the company’s growth.
However, it is not to say that the company and SpaceX are not having their fair share of inflation due to the Russia and Ukraine war. As such, Musk recognizes that this period might have a major surge on the global commodity markets. The rise currently stands at over 7% compared to last year, which might be an issue for production and living standards.’